WIN Metals has boosted its Radio Gold Project resource by 21% to 49,600 ounces, confirmed bonanza-grade underground gold, and secured a modular gravity plant option to underpin a proposed 120,000tpa operation.
- Radio Gold resource grows 21% to 49,600 ounces
- Bonanza underground grades up to 334 g/t Au extend beyond current mine plan
- Six-month option secured for modular gravity processing plant from Tungsten Mining
- Princess Royal acquisition adds high-grade ounces and exploration upside
- Development decision targeted this financial year, pending financing and approvals
Radio Gold Resource Expansion and High-Grade Confirmation
WIN Metals Ltd (ASX:WIN) has upped the ante at its Radio Gold Project in Western Australia, reporting a 21% increase in its Mineral Resource to 49,600 ounces at 4.2 g/t gold. This growth follows a 4,200-metre drilling campaign earlier this year and represents a 73% resource increase since WIN acquired the project in August 2025. Notably, half of this resource, 25,500 ounces, is now classified as Indicated, reflecting greater geological confidence and de-risking near-term mining plans.
Underground sampling has delivered spectacular bonanza-grade hits, including narrow intervals of 0.4m at 334 g/t Au and 0.3m at 314 g/t Au, both outside the current mine design. These results underscore the high-grade nature of the deposit and suggest potential upside beyond existing plans, supporting WIN’s “drill for structure, develop for grade” approach.
Processing Strategy Advances with Modular Gravity Plant Option
In a practical move to fast-track production, WIN secured a six-month option to acquire a near-new modular gravity processing plant from Tungsten Mining NL (ASX:TGN). The plant, originally built in 2014 and well maintained, includes key grinding and gravity recovery modules sized perfectly for WIN’s proposed 120,000 tonnes per annum (tpa) operation at Radio. Previous metallurgical tests indicated gravity gold recoveries up to 87%, making this processing solution a capital-efficient fit.
WIN has paid a $50,000 option fee, with a further $250,000 cash and $250,000 in shares due upon exercise. The company is progressing engineering, cost estimation, and permitting activities to integrate the plant onsite. This step signals a preference for onsite processing over tolling or ore purchase agreements, which current market conditions deem less attractive.
Princess Royal Acquisition Bolsters High-Grade Portfolio
During the quarter, WIN completed the acquisition of the Princess Royal Gold Mine, located about 80 km southwest of Radio. This fully permitted historical mine produced roughly 13,900 ounces at an impressive 21 g/t Au. WIN also identified exploration targets at satellite prospects Hill End and Battler West, with rock chip samples returning up to 5.59 g/t and 4.61 g/t Au respectively. These results add scale and optionality to WIN’s regional gold hub ambitions.
Preliminary mine design and scheduling work at Princess Royal have been completed, with drilling plans advancing under approved permits. Mineralised tailings from Princess Royal and Battler are also being evaluated as part of Radio’s broader economic assessment.
Project Development and Corporate Positioning
WIN is pushing forward with mine design, permitting, and processing studies to keep on track for a development decision within the current financial year, subject to financing and regulatory approvals. The company has engaged multiple consultants for geotechnical, environmental, metallurgical, and engineering support, reflecting a comprehensive approach to project readiness.
Corporate cash stood at $1.992 million at quarter-end, with exploration and evaluation expenditure totaling $1.24 million. WIN has deferred a $1 million acquisition payment for the Butchers Creek Gold Project to November 2026, easing near-term cash demands. Financing discussions for Radio’s development are ongoing, with no arrangements yet secured.
Other Assets and Exploration Progress
Outside Radio and Princess Royal, WIN’s Butchers Creek Gold Project in the Kimberley region saw no field activity this quarter but progressed tenement applications and stakeholder engagement with traditional owners. Metallurgical test work continues at the Faraday-Trainline Lithium Project, aiming to unlock lithium and rubidium recoveries, though results remain preliminary.
The Mt Edwards Nickel Project remains on hold this quarter with no new work reported.
Bottom Line?
WIN’s resource growth, high-grade discoveries, and processing plant option position Radio Gold for a potential development decision, but financing and regulatory hurdles remain key milestones ahead.
Questions in the middle?
- Will WIN secure financing on acceptable terms to advance Radio Gold into production this financial year?
- How will the bonanza-grade zones outside current mine plans influence final mine design and economics?
- What impact will integrating Princess Royal and satellite prospects have on WIN’s regional production profile?